Core Insights - The report highlights a significant increase in the electronic sector, with the top five industries in the North Exchange showing notable growth rates, particularly electronics at 20.78% [3][4] - The report indicates a thriving environment for new stock listings and approvals, with a total of 16 companies successfully passing the review process this year, and a record number of inquiries and registrations [5][4] - The North Exchange's new stock, Dingjia Precision, experienced a remarkable first-day surge of 479.12%, reflecting high investor enthusiasm and participation [4][5] Market Overview - As of August 1, 2025, the North Exchange had 269 constituent stocks with an average market capitalization of 3.113 billion [3] - The North Exchange 50 Index showed a slight increase of 0.07%, closing at 1419.61 points, while the Shanghai and Shenzhen 300 Index, ChiNext Index, and Sci-Tech 50 Index had varied performances [3] - Daily average trading volume increased by 28.75% to 27.929 billion, with a turnover rate of 6.44%, up by 1.23 percentage points from the previous period [3] Industry Performance - The top five performing industries during the reporting period were electronics, pharmaceuticals, machinery, textiles, and construction, with respective growth rates of 20.78%, 11.01%, 6.06%, 4.99%, and 4.80% [3] - The report emphasizes the ongoing high-quality expansion of the North Exchange, with a focus on specialized and innovative small giant enterprises [5] New Listings and Approvals - In the reporting period, one new stock was issued, and 65 companies were inquired by the North Exchange, with five companies registered and two companies approved for listing [4] - The report notes that the first-day performance of new stocks has consistently exceeded 150% this year, indicating a strong market for new listings [4][5] Investment Strategy - The report suggests focusing on sectors such as data centers, robotics, semiconductors, consumer goods, and military information technology for potential investment opportunities [5]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company is a key strategic player in the renewable energy sector under the Shankao Group, focusing on the green transformation of its business model, particularly in kitchen waste treatment and heating [2][3]. - The company has returned to a growth trajectory since 2021, with significant revenue increases following its strategic pivot towards environmental and green energy sectors [4][19]. - The demand for sustainable aviation fuel (SAF) is expected to grow significantly, driven by global carbon reduction initiatives, positioning the company favorably within this expanding market [8][58]. Summary by Sections Company Overview - The company, originally established as Sichuan Meiya Silk (Group) Co., Ltd., has undergone multiple ownership changes and strategic pivots, ultimately focusing on renewable energy and environmental services [3][12]. - Following a major restructuring in 2020, the company shifted its focus to kitchen waste resource utilization, becoming the only listed company in China primarily engaged in this sector [3][19]. Financial Performance - The company reported a revenue of 827 million yuan in 2021, a year-on-year increase of 138.33% [4][19]. - In 2024, despite a reduction in trading volume, the company achieved a 47.3% year-on-year increase in net profit attributable to shareholders [21]. - The first quarter of 2025 saw revenues of 434 million yuan, reflecting a 4.21% year-on-year growth, with net profit reaching 28.27 million yuan, up 222.23% [21][30]. Market Dynamics - Used cooking oil (UCO) is a critical raw material for SAF, with China accounting for over 60% of global UCO supply, highlighting its strategic importance in the SAF production chain [5][45]. - The global demand for SAF is projected to increase significantly, with various countries implementing policies to boost its usage in aviation fuels [8][59]. Operational Capacity - The company has established a robust operational capacity in kitchen waste treatment, with a daily processing capacity of 4,380 tons as of the end of 2024, with plans to expand to 8,000-10,000 tons [9][68]. - The company employs a heavy asset operation model, maintaining a high debt ratio of over 70%, which is typical for the industry [9][71]. Profitability Forecast - The company forecasts net profits of 104 million yuan, 179 million yuan, and 299 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 31.2, 18.1, and 10.8 [1][9].

Investment Rating - The industry investment rating is "Overweight" [3][32]. Core Insights - The report emphasizes the growth logic of the energy drink industry from both macro and micro perspectives, highlighting the importance of channel strategies and operational expenses in driving market share and profitability [5][6]. - The analysis of Monster's historical performance indicates that significant increases in operational expenses often correlate with substantial profit growth in subsequent years, driven by channel transformations [5][9]. - The report suggests that Eastroc Beverage's investment in freezer displays is expected to enhance market share and sales efficiency in the long term, despite short-term cost increases [6][28]. Summary by Sections Review of Monster - Monster experienced four instances of over 50% year-on-year growth in operational expenses since 2000, with subsequent profit growth typically exceeding revenue growth [5][9]. - In 2006, Monster's market share in the U.S. energy drink market reached 23.4%, with a significant increase in sales driven by strategic partnerships and product offerings [10][17]. - By 2008, Monster surpassed Red Bull in market share, achieving a 29.2% share in convenience stores and gas stations, leading to a 93.21% increase in net profit the following year [15][20]. Eastroc Beverage - In the first half of 2025, Eastroc Beverage's sales expenses increased by 37.27% to 1.682 billion yuan, primarily due to a 61.20% rise in channel promotion expenses from freezer investments [28][29]. - The report anticipates that the freezer investments will enhance product visibility and sales efficiency, potentially increasing market share by 20-30% [31][32]. - The long-term outlook for Eastroc is positive, with expectations of improved profitability and market share through strategic channel enhancements [6][28].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company achieved a revenue of 5.664 billion yuan in H1 2025, representing a year-on-year growth of 45.21%. In Q2 2025, revenue reached 3.064 billion yuan, with a year-on-year increase of 41.15%. The demand for domestic high-end chips continues to rise, and the company is deepening collaborations with OEMs and ecosystem partners in key industries [5] - As of the end of Q2 2025, the company's contract liabilities stood at 3.091 billion yuan, indicating sustained strong downstream demand [5] - The company's gross margin in Q2 2025 was 59.33%, attributed to product structure adjustments and an increase in the proportion of new products [5] - The company is focusing on expanding its market presence and enhancing its sales team, with a sales expense ratio of 3.72% in H1 2025, up by 1.83 percentage points year-on-year [5] - The company is expected to maintain a strong growth trajectory, with projected net profits of 2.920 billion yuan, 4.258 billion yuan, and 5.841 billion yuan for 2025, 2026, and 2027 respectively [5] Financial Summary - The company's revenue is projected to grow from 6.012 billion yuan in 2023 to 24.443 billion yuan in 2027, with a compound annual growth rate (CAGR) of 30% [2] - The net profit is expected to increase from 1.263 billion yuan in 2023 to 5.841 billion yuan in 2027, reflecting a strong growth rate [2] - The earnings per share (EPS) is forecasted to rise from 0.54 yuan in 2023 to 2.51 yuan in 2027 [2] - The price-to-earnings (P/E) ratio is projected to decrease from 262.1 in 2023 to 56.7 in 2027, indicating improving valuation metrics [2] Market Position - The company is positioned to benefit from the accelerating growth in the intelligent computing and AI markets, with a focus on enhancing customer acquisition efficiency [5] - The company has a robust inventory level of 6.013 billion yuan as of the end of Q2 2025, ensuring sufficient supply capacity [5] - The company is leveraging its unique x86 architecture licensing and core technology to maintain a competitive edge in the general computing market [5]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The bond market lacks its own driving factors this year, with its fluctuations mainly influenced by external factors. The "endogenous" fluctuations of the bond market are converging, and it's difficult to change the "meager fluctuations" of this year's bond market. In the second half of the year, the bond market is expected to have narrow - range oscillations each month, and neither excessive short - nor long - positions are advisable [5][10][35] Summary by Relevant Catalogs 1. 6 - month Bond Market's Expected "Old Script" - Since June, interest rates have been consolidating and oscillating, and fund durations have gradually increased, anticipating a downward trend in interest rates in July. The market was skeptical about the economic outlook despite good Q2 GDP data, expecting a neutral tone from the July Politburo meeting. As a result, in early July, the overall fund duration increased, and there was an expansion of credit - bond ETFs. In June, the net inflow of market - making credit - bond ETFs was 6.3314 billion yuan, a 146% increase from May. In mid - July, the Sci - tech Innovation Bond ETF took over the market, with an average duration of about 4.3 years and 3.9 years for the tracked indices [13] 2. New Developments in the Equity and Commodity Markets - Starting from June, the commodity and equity markets showed a completely opposite trend to the bond market, entering a trading mode with rapidly increasing risk appetite. Commodity prices rebounded from lows and then rose across the board, fully recovering the gap caused by the April tariff shock by July 22. The equity market reached new highs and continued to rise, spreading from bank dividends to low - valuation sectors in the technology sector and then to the cyclical sector. The bond market's expected scenario did not occur, and it started to adjust rapidly on July 21 [4] 3. Bond Market's Rise and Fall Driven by External Factors - The bond market has been in a narrow - range technical oscillation, with interest rates fluctuating around the central level by about 10 BP. Two major factors causing significant adjustments in the bond market are external: the unexpected escalation of trade frictions in April led to a sharp decline in bond interest rates, with the 10Y Treasury bond rate dropping from over 1.8% to 1.61% on April 7; the resonance of the equity and commodity markets in late July led to an accelerated upward movement of the 10Y interest rate, breaking through 1.70% [5][21] 4. The "Positive and Negative" Sides of the Convergence of Bond Market's Endogenous Fluctuations - On one hand, the yields of bond - based funds have declined, and the expected returns of bond - related assets need adjustment. As of August 1, the performance of pure - bond funds this year has been weaker than in 2024. On the other hand, the market's attention to bonds has significantly decreased. The trading volume of Treasury bond futures has not changed significantly, while the trading volume of coking coal contracts has increased. The "asset shortage" narrative in the bond market is also weakening, as insurance premium growth has slowed, rural commercial banks' trading volume has decreased, and the buying power of wealth management products for long - term bonds has weakened [24][25][26] 5. Main Themes in the Second Half of the Year - The market needs to find factors beyond the "stock - bond seesaw" effect. When the equity market stabilizes above 3500 points, it's necessary to consider the factors jointly influencing the stock and bond markets. The expectations, verifications, and adjustments of "anti - involution" will continue, and the market's understanding will change. The underestimated overseas and tariff factors may resurface. The most important factor for the bond market may be its own asset - liability changes. If the average annualized returns of bond funds and wealth management products are less than 1.5% by the end of the year, there may be a shift of deposits to riskier assets [8][30][33]

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The summer box office has shown improvement, with total box office exceeding 7 billion yuan, driven by the release of popular films [3] - The report highlights the potential for investment opportunities in companies related to quality film content, cinema chains, online ticketing platforms, and film copyright operations [3] Summary by Sections Industry Overview - As of August 4, 2025, the total box office for the summer season reached 70.54 billion yuan, with 186 million viewers and an average ticket price of 37.9 yuan [3] - The summer box office saw a significant increase in the second half, with total box office doubling in just two weeks due to the release of films like "Nanjing Photo Studio" and "Longan's Lychee" [3] Key Companies - Shanghai Film: Stock price at 36.39 yuan, EPS for 2023A at 0.28, PE at 128.45 [2] - Wanda Film: Stock price at 11.56 yuan, EPS for 2023A at 0.42, PE at 27.62 [2] - Hengdian Film: Stock price at 16.85 yuan, EPS for 2023A at 0.26, PE at 64.44 [2] - Maoyan Entertainment: Stock price at 7.99 yuan, EPS for 2023A at 0.79, PE at 10.11 [2] - Damai Entertainment: Stock price at 1.11 yuan, EPS for 2023A at -0.01, PE at -101.83 [2] Market Trends - The report notes that the domestic short drama market is rapidly growing, while overseas short drama revenues continue to increase [3] - The report anticipates a significant year-on-year improvement in box office performance compared to the previous summer, which had a total box office of 116.41 billion yuan [3] Investment Recommendations - Companies to watch include Shanghai Film, Wanda Film, Hengdian Film, China Film, Maoyan Entertainment, Damai Entertainment, Jiecheng Co., and Zhongwen Online [3]

Report Industry Investment Rating - The report does not explicitly mention the industry investment rating. Core Viewpoints - The extreme divergence between credit spreads and stock risk premiums led to the starting point of the current A-share valuation expansion. The current round of A-share market is driven by funds, and the logic has only reached the middle stage, with the upward trend unfinished [2]. - The fact that the risk premium has reached "mean - 1 standard deviation" does not mean the end of the market. Considering the intensity and duration of the current round of fund - driven, A - share valuations are expected to continue to expand, driving the risk premium to decline further, and the risk - compensation returns of stocks and bonds will eventually converge [2][5]. Summary by Directory 1. Historically, the stock market risk premium can stay below "mean - 1 standard deviation" for a long time - There were several historical periods when the stock market risk premium fell below "mean - 1 standard deviation", such as from December 2014 to August 2015, November 2017 to February 2018, and September 2020 to April 2021, with durations of 9 months, 2 months, and 8 months respectively. Except for the 2017 - 2018 period when the risk premium could not continue to decline due to rapid liquidity withdrawal, in other periods, it could fall to around "mean - 2 standard deviations" or even lower [3]. - These historical periods had similar macro - environments that did not support a bull market in stocks. The factors driving the significant expansion of A - share valuations were not fundamental but fund - driven, and there was no continuous expansion of corporate profits [3]. 2. In the current round of the market, the indexes have expanded to varying degrees, and there are no signs of an end - Since the beginning of the year, the stock market has priced in the decline of the risk - free rate. Different sectors have different repair progress. The repair of large - cap stocks is relatively large, with the ERP basically reaching "mean - 1 standard deviation", while the ERP of small - and medium - cap stocks is still above the historical mean [4]. - The current round of valuation expansion also starts from changes in the capital side. Since September 2024, the economic fundamentals and corporate profit growth have been weak, and the monetary policy has been relatively loose. The core factor determining the start and end of the market is the sustainability of fund - driving. The current round of fund - driven logic has only evolved to institutional - driven and allocation - driven (insurance funds taking the lead), and bank wealth management and public funds will take over in the second half of the year [4]. - With the expansion of A - share valuations, the risk premium of the Shanghai Composite Index has been below "mean - 1 standard deviation" since July 18, lasting for less than 1 month. "Mean - 1 standard deviation" cannot be a sign of the end of the market, especially since the risk premiums of some sectors are still above the mean [4]. 3. Valuation expansion space calculation under two scenario assumptions - Historically, the extreme situation of index valuation expansion is in the range of "mean - N standard deviations", where N is between 0.6 - 4.0, with a median of approximately 2.0. - Scenario 1 assumes that the stock market risk premium can fall to "mean - 2 standard deviations"; Scenario 2 assumes that it can fall to "mean - N standard deviations", where N corresponds to the lowest level previously reached by the index's ERP. - Based on these two assumptions, the ChiNext Index has the largest PE expansion space, followed by the Wind 300 (ex - banks), CSI 1000, and CSI 500. The PE expansion spaces of the SSE 50, Shanghai Composite Index, and Wind Dividend Index are relatively small, but there is still expansion space even in a conservative scenario [6][7].

【中泰研究丨晨会聚焦】银行戴志锋：测算｜债券增值税新规对 上市银行影响：营收静态影响 0.4% 证券研究报告/晨会聚焦 2025 年 08 月 04 日 分析师：戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 欢迎关注中泰研究所订阅号 1、《【中泰研究丨晨会聚焦】策略 徐驰：2025 年上半年 ETF 资金行为 复 盘 ： 政 策 驱 动 与 结 构 重 塑 》 2025-08-03 2、《【中泰研究丨晨会聚焦】策略 徐驰：如何看待近期上游周期品价格 快速上涨？》2025-08-01 3、《【中泰研究丨晨会聚焦】策略 徐驰：中共中央政治局会议或带来哪 些影响？》2025-07-30 今日预览 今日重点>> 请务必阅读正文之后的重要声明部分 【传媒互联网】康雅雯："线下体验+超级 IP"出圈，国产 IP 开启全 场景衍生宇宙-——IP 行业跟踪 【策略】徐驰：A H 股市场周度观察（8 月第 1 周） 【非银】葛玉翔：再战指数关键点位关口，复盘券商估值演绎：量能仍 是关键变量 晨报内容回顾 【银行】戴志锋：测算｜债券增值税新规对上市银行影响：营收静态影 响 0. ...

Market Overview - The market indices mostly declined, with the CSI 100 experiencing a significant drop of -2.15%[28] - The average daily trading volume of the Wind All A index decreased to 18,096.34 billion CNY, down from 18,486.97 billion CNY, indicating a historical high position at the 93.40% percentile over the past three years[43][46] Economic Policy Insights - The Politburo meeting on July 30 conveyed a more optimistic economic outlook, emphasizing "steady progress" and the need for proactive fiscal policies[11] - The meeting highlighted the importance of enhancing the attractiveness and inclusivity of the domestic capital market, focusing on long-term competitiveness rather than short-term stability[11] Sector Performance - The healthcare index and information technology index showed relative strength, with weekly gains of 2.65% and 0.71%, respectively[31] - The real estate index and energy index underperformed, with declines of -3.57% and -3.49% respectively[31] Investment Recommendations - The report suggests maintaining investment in technology sectors (AI, robotics) and utility sectors, as well as brokerage firms, reflecting a shift from cyclical to innovation-driven market dynamics[18][21]

Investment Rating - The industry investment rating is "Accumulate (Maintain)" [2][11] Core Insights - The report highlights the emergence of domestic IPs in creating a full-scene derivative universe, driven by offline experiences and popular IPs [6][10] - The report emphasizes the continuous high growth of short drama revenues and the integration of AI in the IP industry, indicating a robust market potential [6][10] - The report suggests a positive outlook for the IP industry, recommending attention to companies such as Pop Mart, Damai Entertainment, Shanghai Film, and others [6][10] Summary by Relevant Sections Industry Overview - The industry comprises 131 listed companies with a total market value of approximately 16,535.41 billion and a circulating market value of about 15,121.43 billion [4] Key Company Performance - Pop Mart's stock price as of August 1, 2025, is 243.2 HKD, with an expected EPS of 3.9 for 2025 [2] - Damai Entertainment and Shanghai Film show varying performance metrics, with EPS forecasts of 0.0 and 0.6 respectively for 2025 [2] Market Events - The 2025 PTS Beijing International Trend Toy Exhibition, hosted by Pop Mart, attracted over 300,000 attendees and featured interactive experiences with popular IPs [6] - The "Wang Wang Mountain Little Monster" movie premiered on August 2, 2025, achieving a box office of 71.04 million on its first day and over 100 million by the second day [6][10] Product Launches - Pop Mart launched several new products in July 2025, including various collectible figures and blind boxes, indicating a strong product pipeline [7][9]